Renaissance Africa Energy secures $4.1bn fund for local contractors

Renaissance Africa Energy Company Limited has launched the Renaissance Vendors Financing Scheme (RVFS) to support its production growth target of 500,000 barrels per day. Through a Memorandum of Understanding signed in Lagos, the company has partnered with 13 banks to provide a financing portfolio totaling $4.1 billion and ₦435 billion.

The credit support, available in both US dollars and naira, is designed for indigenous oil and gas contractors executing projects for the company. The participating financial institutions include First Bank, Guaranty Trust Bank, Zenith Bank, Access Bank, United Bank for Africa, Stanbic IBTC Bank, Standard Chartered Bank, First City Monument Bank, Sterling Bank, Wema Bank, Union Bank, The Infrastructure Bank, and African Export-Import Bank (Afreximbank).

Tony Attah, Managing Director and CEO of Renaissance Africa Energy, noted that the initiative has evolved significantly since its inception in 2010. He highlighted the scalability of the program and stated that the scheme has maintained a record of no defaults under previous administrations.